On March 24, 2021, the government of Cyprus officially amended the Cyprus Permanent Residency Act, with immediate effect from that date. The details are as follows:
1. The requirement to open a bank account in Cyprus and maintain a fixed deposit of 30,000 Euros for at least 3 years has been cancelled;
2. In addition to the existing option of purchasing residential real estate for 300,000 Euros, new investment options have been added:
(1) Invest 300,000 Euros in non-residential real estate, such as offices, shops, or hotels.
(2) Invest 300,000 Euros in a Cyprus company, which must be physically operating and employ at least 5 staff members.
(3) Invest 300,000 Euros in units of a Cyprus Collective Investment Organization (AIF, AIFLNP, RAIF types).
3. The government guarantees that all permanent residency applications will be approved within 2 months.
This new policy is a major benefit for investors. The cancellation of the requirement to open a bank account and maintain a 30,000 Euro fixed deposit in Cyprus, combined with shortened approval times and more diversified investment options, provides applicants with greater flexibility.
Known as the "Garden of Europe" and the "Island of Aphrodite," the EU member state of Cyprus is a renowned tourist destination. It has won the favor of countless immigrant investors due to its educational standards, pleasant Mediterranean climate, safe living environment, and generous welfare benefits. With an investment starting from 300,000 Euros, three generations of a family can apply for Cyprus permanent residency. Children can enjoy free public compulsory education and return to China as overseas Chinese students to apply for top-tier universities such as 985 and 211 institutions. Furthermore, after obtaining Cyprus permanent residency and meeting the relevant conditions, one may apply for a Cyprus EU passport.
Cyprus possesses unique advantages in terms of immigration policy, environment, welfare, and education. Following the closure of the Cyprus passport program, the permanent residency program has become popular once again. Now that the Cyprus government has introduced a series of favorable policies for the permanent residency program, those interested in immigrating to Cyprus should act quickly.
Please refer to the actual government requirements for policies regarding Cyprus permanent residency applications. Worldway Group will continue to monitor the latest developments and share them with you as soon as possible.
As one of the Top 500 Asian Brands, Worldway Group has maintained a positive relationship with the government of Cyprus for many years. In 2011, we were among the first to introduce the Cyprus Permanent Residency and Citizenship by Investment programs to China, launching a wonderful journey of European investment immigration. In 2014, our "Paphos Night" events in Beijing and Shanghai were the first investment and cultural exchange activities in China themed around a European city.
For more details, please call the Worldway service hotline: Mainland China: 400-138-2929, Hong Kong, China: (852) 2802 8798.